WYSIWYG is a word I haven't used in a while, but it does apply to the very simple editing allowed by Lacerte. If it doesn't fit, increase or reduce the font size. or pick a different font. On the the far right you can modify the right and left margins. Use of B (bold), I (Italic), U (underline) will also impact how a letter fits the space. 

I have often found that insufficient and use many space bar entries to get things to line up, ESPECIALLY when trying to include a logo. 

Edit. Save. Print a sample letter. Repeat until you get it right. Once done, that letter format should be good for years to come. Start with the 2017 (or earlier) letter. You can then go to the next year and select Settings > Transfer Prior Year Settings and use the check boxes to pick what you want to bring forward. 

I agree - the editor used by Lacerte is marginal at best.  I follow the same procedure as George, for both the letter & the questionnaire.  There are times I just *can't* get the formatting exactly correct for the questionnaire without generating extra pages, so I live with it.

I have found that when all else fails, I copy the whole letter as is, past to a blank Word document, then edit the things I need to adjust.  For example the client name and address in the engagement letter (ProSeries) were double spaced and nothing I did could get them single spaced.  Once in Word, it was easy to fix, copy the whole "new" letter and paste into ProSeries.